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All froth: Luckin Coffee, whose store count outstripped Starbucks' in China, claimed high-tech credentials as it expanded rapidly through the country and listed overseas.   © Nikkei montage/Source photo by Yuki Kohara
The Big Story

The Luckin scandal: fake sales, power struggles and a 'broken model'

How a Chinese tech darling went from startup wonder to market pariah

HENNY SENDER, Nikkei Asian Review columnist | China

HONG KONG -- When the prospectus for Luckin Coffee's New York listing was published last May, nowhere was it more intensely scrutinized than in the offices of Warburg Pincus, high above Grand Central Station.

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